AMA Recap GreatDrop with MAGIKARP FINANCE

Hello GreatDrop community,

On 21st March, at 03:00 PM UTC (22:00 WIB), we just successfully hosted our 25th AMA’s with MAGIKARP FINANCE, with our guest from the MAGIKARP FINANCE team:

  • Juno, Co-Founder of MAGIKARP FINANCE
  • Carlos, Co-Founder of MAGIKARP FINANCE

Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.

Introduction Questions Asked By GreatDrop Team

Q1. Can you please introduce yourself first and how many people have an important role in this project, Do you have experience making Blockchain projects or is this the first time?

~Carlos

Sure I’ll reply to this.
Juno and I met at Wynaut project (a very successful project that hit almost 30M TVL) and shared the same vision of what our project would like to be. Shortly after that, we started to work on this project, which has been live for some days so far.

Oh, of course, who we are on the team? We are co-founders :)

Q2. Could you share a Plan for this year’s Roadmap $MAGI or a partner who will come this year ?

~Juno

Definitely :)
Our roadmap so far has been to take the necessary precautions and have a safe launch, launching the initial token, audit, partnership, and launching our second token $GYA. The farms have also been launched 2 days ago.

What we plan to do in the future is to extend partnerships, create an ecosystem, help our members get access to other token launches, and expand the farming system. Our core focus is a community and as such we have 1 team wallet, which sole focus is to be shared with the community. It will be used for Airdrops / Burns / Contests.
Currently, this wallet holds more than 10M $MAGI.

The current value of this wallet, that will be shared with the community is more than 50k USD. Had to check twice.

Q3. How much is the max amount of supply $MAGI And is there a plan to increase prices naturally, by buying back or by burning?😊

~Carlos

$MAGI got an initial supply of 129M (anyone knows why 129 and no other number??? hint: check Pokedex :P)

AS per the token nature, deflationary, the amount of Magi will be decreasing with every single transaction made, either buy or sell.

So like this, while being less supply in the market, the price of Magi will grow organically. Of course, we are burning as well like Juno said, as we have a dev’s wallet ready for that when needed.

~Juno

Actually, we just burned 1M $MAGI in the last 24h.

~Carlos

Oh, true! my bad lol.

How much supply has been burned so far?🤔😁

~Carlos

12M

Q4. Can you guarantee that the Project $MAGI will not be a Scam? Because there are so many projects that exist in the BSC Scam

~Juno

Yes, we definitely can. We have shared KYC information with an influencer (Downsin), know who each of the team members is (internal KYC), and have a multi-sig wallet in place.

We have tried to learn from the previous Wynaut problem and have taken the necessary precaution to avoid this scenario at all costs.

We aim to create a long-term successful project with more launches and partnerships to come, so trust is very important.

Also, so far we have been very transparent with the community and even only sold 1 once from the team wallet to pay back the expenses.

~Carlos

We got scammed few times, so we wanted to create something where people could rest assured it wouldn't be a scam at all.

~Juno

Not just this one, but also future projects within the ecosystem.

Q5. What $MAGI achievements are targeted for this year?

~Juno

You can see our roadmap here:

~Carlos

Our vision/target for this project is BIG, as we want to be the center of an ecosystem we are creating, and in which we are quite confident another project will join soon.

We firstly released $MAGI, but we have also released $GYA like two days ago, bringing our own farms to the game.

Lottery, NFTs, and more features are yet to come very soon.

~Juno

Currently, we are at stage 4 of the roadmap. However, the steps that are going to happen afterward are those Carlos outlined.

~Carlos

Oh, a small spoiler: that roadmap you see, the “game one” will be soon turned into a real interactive roadmap. VERY soon.

Questions asked on Twitter for MAGIKARP FINANCE Team

Q1 from Twitter username @Ontortk

Reading on your Twitter I found “When Magikarp reaches level 20, Storm mode is enabled” Can you explain more “Strom Mode”? What is it?

~Juno

Storm mode will be triggered once this AMA is over :)

Each time 1% of the AVAILABLE supply gets circulated, the fees will go up by 1%. It starts at 0.5%/0.5% -> 1%/1% -> 1.5%/1.5% -> … -> 4.5% / 4.5%.

Once it reaches the maximum hardcoded 9% or 4.5%/4.5% it will reset down to the lowest tier and restart the cycle.

Q2 from Twitter Username @mylhe

Can you explain more about the Multi-Sig wallet of Magikarp? How important is this wallet to users? What is the use of this wallet? How safe our funds in Multi-Sig wallet?

~Carlos

Gnosis multisign safety wallets are the most secure system in place in the ETH network.

Recently, it came to BSC, and we were 1000% sure we wanted to use it, in order to have the maximum security and anti rug system.

It means that, in order to withdraw any money from the dev’s wallet, 2 or more people from the team need to sign that transaction, so no one can run away with the funds :P

~Juno

In this case, for any transaction to occur, Carlos or I need to sign off.

Q3 from Twitter username @bimasuryaatmaj1

Features one of the important roles of the progress and future sustainability of the project, What powerful and unique features does Magikarp Finance have, and what makes it memorable in the eyes of its competitors?

~Juno

Magikarp aims to be a community token with active development. We do not deliver needless hype and don’t make empty unmet promises. We want to benefit token holders with regular airdrops of our token but also the partner's token.
In addition, we aim to build a “hub” of other DeFi projects, but that is in the early stages and we can’t reveal too much.

Q4 from Twitter username @TheShadowJK_1

Rowket Market has recently partnered with MagiKarp. How will this partnership provide sufficient infrastructure to utilize the full potential of NFTs in BSC? Will you introduce a new internal NFT marketplace where users will be able to mint, buy and sell unique NFTs?

~Carlos

With our partnership with Rowket, we enter the NFT world at 100% and their infrastructure will be a very good asset for us.

Also, we will develop and we are already developing our own NFTs with special features, that will have a special use-case (and this is another leak, Juno, don't kill me lol).

Q5 from Twitter username @ChalsHuiman20

Staking is the new trend. What staking options are available for Magikarp Finance token? Are there any incentives for staking? What are the various ways to earn Magikarp Finance token and are there any limits to amount of $MAGI I can earn?

~Juno

Yes. First, $MAGI is an instant yield token, this means with each transaction, there is a burn and share %. Just by holding $MAGI users get rewarded and earn free $MAGI.
However, you can also provide LP. We have farms at:

So people can actually pool their LP and earn $GYA, our second token that is farmable.

We’re soon going to write a medium to explain to everyone how to get the most out of the farming experience. However, the APR is reasonable because we want to create a long-term solid project.

The total supply of $MAGI is deflationary so yes, there is a maximal amount, however, it depletes with every transaction. This also means that the value increases by holding.

We are combining deflationary and inflationary mechanics.

Questions asked by our GreatDrop community members during live Session to MAGIKARP FINANCE Team

Q1 from Telegram username @farmanwgg12

Are you a global project or local project? Can anybody anywhere use Your project without any restrictions?

~Carlos

Yeah, we are from different parts of the world, Europe, America, and Asia mainly. And OF COURSE, we encourage everyone to come and be part of our project, everyone is welcome anytime!

Q2 from Telegram username @shajumahmud111

Only getting users, holders, etc is not everything. In my opinion, a project needs to deal with solving a real-world issue or problem What is the problem that your project primarily focuses on?

~Carlos

We are trying to create a community around our tokens and different projects can join us to get bigger.

Sadly, we are not in a position to solve any problem of the world, further than to help our investors to get slowly wealthier so they can have a better life.

Q3 from Telegram username @Amirabby

Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?

~Carlos

We have in place an audit for our main token $MAGI and also an undergoing audit for $GYA as well. the first audit came as a big success (you can check it on our website).

Q4 from Telegram username @rdooley

Do you also provide a platform for Staking or Farming? To add profit to the $MAGI token holder?

~Juno

Yes, we definitely did. The platform is:

And you can find our $GYA token there :)

Q5 from Telegram username @Montubiri

1. Token price
2. Products
3. Partnership

From the 3 aspects which one is your main priority and why?

~Juno

Definitely products & partnership. The partnership will be the main product we will offer to our community and we aim to provide these to our investors. The price will always fluctuate and we want to focus on actual value.

Closing words from our guest to GreatDrop Community

~Carlos

Thanks, guys for your time. We really hope to see you on board with our project and become part of our KARPs family!!!

Indonesian crypto community that focused on providing the latest information about cryptocurrency in the form of Airdrop, Bounty, AMA, and so on.